A holographic will is a handwritten will (no typing on the computer) that is valid in California if it meets certain requirements identified at California Probate Code \u00a7\u00a76110-6111.\u00a0 Although it seems cost-effective to be able to simply jot down your final wishes next to that crossword puzzle you were trying to finish, there are potentially some major pitfalls.<\/p>\n
First, you might unintentionally make error, or write your wishes in such a way that is too ambiguous for your family to interpret correctly.\u00a0 Unfortunately, ambiguities can lead to fighting.\u00a0 Not only does this create family discord, but it also increases time in court and legal fees.\u00a0 It may also ultimately lead to your estate being distributed in a way you did not want.<\/p>\n
Second, you may fail to plan for the unexpected.\u00a0 Specifically, you might fail to plan for contingent heirs or executors.\u00a0 For example, who should oversee administering your estate if your oldest son, who you named as executor, gets a great job that is overseas and cannot return to the United States for the ongoing court dates that probating a will requires?\u00a0 If you failed to name a back-up explicitly, a family member who you did not want to be in charge might get appointed. Similarly, if one of the heirs your named does not survive you and you did not put a contingent heir, your estate may not be distributed in the way that you wanted. The gift \u201clapses\u201d and could potentially be subject to the laws of intestate succession\u2014California\u2019s default plan for estate distribution.<\/p>\n
Finally, a will<\/a>\u2014holographic or otherwise\u2014is not always the best way to distribute your assets when you die.\u00a0 A will directs your estate to probate. Probate is when the court supervises the processes that transfer legal title of property from the estate of the person who has died (the \u201cdecedent\u201d) to his or her heirs.\u00a0 In California, you must go through probate if your loved one did not have a living trust and owned real property greater than $50,000.00 or had assets totaling $150,000.00 or more.\u00a0 Probate often means a lot of work for your family, large attorneys\u2019 and court fees, and a lot of time (a year or more) before heirs even receive a distribution from your estate.\u00a0 Therefore, a living trust<\/a> is often better for those owning real property or have assets totaling $150,000.00 or more because it avoids probate, which means that upon your death, your family is able to administer your estate much faster and more cost-effectively.<\/p>\n